Page 27 - Latest Updates on Income tax
Budget wishlist: Insurance industry expecting more tax incentives
Life Insurance Council has sought a separate deduction in personal taxes or an increase in the present limit for the premium paid for individual life policies
 "Budget wishlist: Insurance industry expecting more tax incentives")
'Tax evasion social injustice': CJI calls for speedy resolution of disputes
The Chief Justice said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases
 "'Tax evasion social injustice': CJI calls for speedy resolution of disputes")
BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget
According to party, meeting fiscal deficit not the real economic issue for the government
 "BJP wants Sitharaman to give rural, infrastructure push in upcoming Budget")
FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report
"This year, there will be a realistic assessment of the nominal GDP," said a source.
 "FM Sitharaman to set realistic nominal GDP target at 9.5-10%: Report")
Moral hazard
Instead of immunity, India needs simpler tax laws
 "Moral hazard")
Can Budget find ways to tackle tax disputes? India Inc is waiting
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business
 "Can Budget find ways to tackle tax disputes? India Inc is waiting")
Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works
Dept plans to include more complicated cases in second phase of scheme
 "Faceless tax scrutiny: I-T dept completes 60,000 cases, Phase-II in works")
Amid revenue shortage, govt begins audit of GST returns for FY 2017-18
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three
 "Amid revenue shortage, govt begins audit of GST returns for FY 2017-18")
Dealing with GST fraud
Balance between ease of doing business and compliance is tricky
 "Dealing with GST fraud")
Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr
If travelling abroad, keep a copy of bank statement which has details of payments made for buying tickets and hotel expenses
 "Income Tax return filing: Compulsory to declare cash deposit over Rs 1 cr")
Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme
These taxpayers have declared tax dues of around Rs 79,968 crore and after availing the various reliefs and amnesty as per the rules of the scheme, they would pay around Rs 35,094 crore, sources said
 "Big taxpayers yet to take benefits of Sabka Vishwas amnesty scheme")
Budget 2020: I-T Act may allow seizure of trustees' personal assets
The new provision is likely to come in Budget next month
 "Budget 2020: I-T Act may allow seizure of trustees' personal assets")
ITR-1 form not for those paying Rs 100K in power bill, owning house jointly
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21
Revenue Secy asks tax officials to put special efforts to check evasion
Direct tax collection target for the current fiscal has been pegged at Rs 13.35 lakh crore despite corporate tax relief of 1.45 lakh crore
Top 10 biz headlines: Rs 1 trn GST mop up, surge in new projects, and more
From pharma sector getting 'green' signal to IndiGo fleet size, here are the top 10 business headlines for the day
CBDT wants taxmen to fastrack redressal of grievances ahead of PM's review
The directive issued by the Board on Tuesday comes ahead of Prime Minister Narendra Modi's scheduled review of CPGRAMS (Centralized Public Grievance Redress and Monitoring System) on January 8
 "CBDT wants taxmen to fastrack redressal of grievances ahead of PM's review")
IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending
In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'
 "IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending")
Dispose of 5-year-old pending cases by March, CBDT tells officials
There are about 31,000 pending cases, locking revenue worth Rs 500 crore
Key policy steps taken by NDA govt this year to revive a sagging economy
Macroeconomic parameters have shown that the Indian economy is going through a rough patch. Here are the key policy decisions taken by the govt in 2019, to bring the India growth story back on track
 "Key policy steps taken by NDA govt this year to revive a sagging economy")
PFRDA likely to be sole pension regulator, seeks additional IT exemptions
At present, pensions products are sold by both insurance companies as well mutual funds, which makes Irdai and Sebi, as the regulators for those products
 "PFRDA likely to be sole pension regulator, seeks additional IT exemptions")